After a five-week suspension of the withdrawal of all users, OKEx cryptocurrency exchange resumed normal service at 8:00 UTC on November 26.
Following the reactivation announcement last week, OKEx indicated that they will launch a rewards and incentives program to show their gratitude to customers for going through the hiatus.
These programs include a commission debit card (USDT), a one-time payment based on users’ assets and transaction history, and a double calculation of asset weights for holders of exchange tokens, OKB.
Despite these efforts, current data shows that the software was not enough to stop users from withdrawing their money, apparently losing credibility with the exchange.
Although withdrawals have not been opened for a long time, some raw data from transaction trackers are showing up on social media. Mason Gang, Chief Operating Officer of Crypto Quantum, tweeted:
Additional data from CryptoQuant shows that “the first stream from OKEx after reaching the drop-down window reached 2822 BTC per block frame”, “annual maximum in a block frame”:
The cryptocurrency tracking service Whale Alert also tracks at least two large transactions within one hour of opening a withdrawal:
OKEx reportedly stopped withdrawing funds on October 16, while the owner of the stock exchange’s private key was cooperating with the authorities’ investigation and was thus unable to approve transactions on the hot wallet system.
The exchange confirmed it was not involved in any illegal activity, although there were reports that the founder, Star Show, was questioned by police that week.
The suspension of the sudden withdrawal of funds in mid-October caused tremendous volatility in the markets at the time, resulting in a 3% drop in the trading price of bitcoin (BTC).
As capital outflows from the stock market continue to flow to other stock exchanges and other portfolios, bearish sentiment intensifies in the market. The BTC / USD pair lost support to $ 17,000, the biggest loss since March.